Tourism stock engaged in the business of offering a range of travel-related products and services like reservation and booking services jumped 3 percent in the day’s trade following the announcement to set up a luxurious 5-star hotel in the prime location of Ayodhya
With a market capitalization of Rs. 8,926 Crores, the shares of Easy Trip Planners Limited were trading at Rs. 50.38, down 0.90 percent from its previous day’s close price of Rs. 8,942 Crores.
EaseMyTrip Forays into the Hospitality Sector after its board approved setting up a new joint venture with Jeewani Hospitality, to set up a luxurious 5-star hotel in the prime location of Ayodhya, strategically situated near the iconic Shree Ram Mandir. The hotel’s prime location, less than 1 kilometer from the revered temple, promises guests an unparalleled blend of spirituality and luxury.
EaseMyTrip, as one of the joint venture partners, is committing to invest up to Rs. 100 crores in Jeewani Hospitality Private Limited, the entity spearheading the project under incorporation. This investment will represent 50 percent of the total paid-up share capital of the JV Company on a fully diluted basis through an equity swap, once finalized.
Ayodhya’s status as a premier destination underscores the importance of enhancing the visitor experience at pilgrimage sites. Religious tourism witnessed 1439 million tourists in 2022 and the places of religious tourism earned Rs. 1.34 lakh crore in the same year.
The tourism sector is expected to generate a revenue of Rs. 59 billion by 2028, creating 140 million temporary & permanent jobs by 2030.
Easy Trip Planners Limited is engaged in the business of offering a range of travel-related products and services like reservation and booking services for travel, hospitality, tourism, and many more under its flagship brand called Ease My Trip.
Easy Trip Planners Limited is India’s second-largest online travel agency serving over 20 million satisfied customers. It has an extensive network encompassing 400+ international and domestic airlines, 61,000+ travel agents, and 6 franchise outlets.
Its gross booking revenue breakdown is as follows, Flights 90.2 percent, hotel and holiday packages 7.9 percent, Train, Buses, and Others 1.9 percent.
Its revenue from operations grew 90.69 percent from Rs. 235.37 Crores in FY22 to Rs. 448.83 Crores in FY23, accompanied by increasing profits of Rs. 105.92 to Rs. 134.2 Crores.
Written by: Bharath K.S
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